Help Me With Sign Pennsylvania Travel Agency Agreement

Offer to purchase real estate form pennsylvania

Music hi everyone its Lara laws and today I'm gonna be going over all the paperwork that is needed to make an offer in in Sylvania they are the pre-approval the consumer notice the buyer financial information sheet the sellers disclosure and the agreement a sale let's go through the five of them the pre-approval you should already have before you even looked at homes unless you are doing a cash offer if you are paying for the property with all cash then obviously you don't need a pre-approval for a loan after looking at your financials a lender will give you typically a one-page pre-approval and it will give you the terms of the loan like the loan amount the purchase price amount any terms of the loan the second document is the consumer notice so the consumer notice you should have been presented with on the very first meeting with your agent and it says on the very top it's not a contract everyone in Pennsylvania should be getting one of these on the very first meeting and it explains the role of the agent so sellers agent buyer's agent dual Allegiant the consumer notice also goes through some of the duties of an agent and for example one of them is to deal honestly and in good faith so it's just two pages front and back and the agent signs it and then the buyer or the seller signs it so the third document is going to be what we call the BSI the buyer financial information sheet the BFI this is a standard form in Pennsylvania that is submitted with an offer if it's a cash offer you don't need this you just need the proof of fun if you're getting a loan the BFI needs to be filled out it's gonna make your offer stronger and basically you fill out the buyer information you answer some questions it asks you about your assets liabilities if you and you real estate your employment information your income information and then you also sign this the sports piece of paperwork is called the sellers disclosure so you will get this from the seller or the sellers agent and it is a really important document so it is 10 pages and it is the law of Pennsylvania that every seller needs to fill this out and sign it there are exceptions which are listed right here on the front page and just some examples would be like anyone who doesn't live in the house you like a foreclosure an estate sale or a new construction so the sellers disclosure is the sellers knowledge of the condition of the property so it goes through everything about the property and the seller will check yes no unknown are not applicable and a seller should really be very thorough and take time and go through this and answer everything and really as the seller what the disclosure does is will protect you from future lawsuits so for example if you have water in your basement as the seller and you know about it you need to disclose that and even if you fixed it you want to say yes there's water in the basement and this is how I fixed it and here's a copy of the receipt from whatever water proofing company and that you know should protect you from any future lawsuits the sellers disclosure will need to be signed and initialed by the buyer before signing off on the agreement of sale something else that the buyer's agent is required to send the buyer is a closing cost estimate so that needs to be done before the buyer signs the agreement a sale so after you have put together the other four documents the last document is the big document 13 pages it's the standard agreement for the sale real estate in Pennsylvania so as the buyer the agreement of sale is going to be the offer and the terms that you are going to be offering to the seller so the first page of the agreement of sale is who the buyer is who the seller is the properties the address is who the sellers agent is who the buyers agent is the second page is going to be a lot of the term so it's gonna be the offer price the deposit amount and you are asking for our seller says the settlement date and then just going through you have the mortgage contingency so if you're getting a loan the author will be contingent on a loan and subsequently an appraisal if the home is in a homeowner's association or a condo association that's gonna be checked off in here and contingent on you reviewing all the documents from the Association so the inspection contingency is in here so you're going to be marking thrill which inspections you would like to elect to do and for what period of time like 7 10 14 days depending if it's the busy season and then information on in here about if there's if one of the parties defaults on the contract something that's very important to check sellers limited to retaining sums paid by by or including deposit monies as liquidated damages and then the very last page is gonna be any additional terms you want to put in and then basically the signature page so those are the five basic forms that you need to submit to the seller when you are making an offer on a property in Pennsylvania so the consumer notice the buyer financial information shmear the sellers disclosure which should be filled out already and by the seller and the agreement and then one other thing that you're gonna need to do is a deposit Chuck once the offer is accepted it usually goes to the listing agent in their escrow account so typically we ask for a signed copy of the check so we know you filled it out and it's ready to go if a property is built before 1978 then a la based paint disclosure will need to be filled out by the seller inside by both parts all the paperwork can be sent to the buyer through DocuSign and they can sign on their phone their computer or tablet one other additional thing that a buyer can do is that you can have your lender which I always recommend a local lender and have the lender call the seller or the sellers agent basically they explain to the sellers or the sellers agent that these buyers are indeed qualified to buy this home so the sellers will take their home off the market while the buyer does the inspection gets an appraisal done and the lowness process which can take four to eight weeks so for because the sellers taking of their house off the market and the seller wants to be assured that the buyer is completely qualified so there is more paper depending on the buyer situation that could need to be filled out for instance if to get the loan they need to sell their house to buy the seller's house then the offer would be contingent on the sale of a home so once all the paperwork is filled out and signed off by the buyer then the buyer's agent will submit everything to the seller or the sellers agent and get confirmation that it is indeed received quickly it is verbal negotiations going back and forth so once negotiations are complete and then we make revisions to all the paperwork if needed and then as soon as everything is signed sealed and delivered to all parties the buyers and the sellers then you are officially under contract and the clock starts so thanks a lot for watching everyone and if you want to see more real estate videos be sure to subscribe to my channel thanks a lot Music Applause you